Are you prepared for the challenges of running your own business? If you’re reading this then there’s a fair chance that you’re at least considering transitioning from employee to employer.
It’s a big step, and one that is often driven either by frustrated ambition, or a degree of dissatisfaction with your current circumstances.
The advantages of working for yourself are significant – freedom, flexibility, control of your own destiny… but in reality the early years of getting a business off the ground can be tough, and the impact of the demands, on the owner and the people around them, should not be under-estimated.
One of the key benefits of franchising is that it provides a huge safety and support net, compared to starting an independent business; a common industry catchphrase is that you’re in business for yourself, but not by yourself.
At Right at Home we support all prospective franchise partners to carry out a balanced, impartial assessment of the changes that will lie ahead, before they commit to starting a business.
We also discuss how franchising can support them through the challenges; but cannot wave a magic wand to prevent them from arising.
Here are six key considerations that we discuss:
- Think long-term It’s fundamentally important to accept that financial security and a good work/life balance don’t occur overnight; and that the early years are more commonly associated with lots of hard graft and modest rewards. At Right at Home franchisees typically break even after 6-12 months; and start to see a good financial return from around their third year of trading.
- Be prepared to make sacrifices Leaving employment means saying goodbye to a steady income, paid holidays and regular working hours. As your own boss, your earnings come only after everyone else has been paid, and in the early days, you will have to work all the hours the business needs. The benefit of being in a franchise network is that you can see evidence of the proven model all around you, which can be a huge reassurance that your hard work will pay off.
- Be mentally prepared Running a business means taking ultimate responsibility, for the success or failure of your business, and for the safety of its services. Assess how you deal with stress and pressure – after all, the buck will stop with you. Right at Home’s franchisees know they will always have supportive and empathetic people around them, both peers and the team at National Office, but as business owners they need to be able to operate calmly in a crisis, with clear vision and direction.
- Look after yourself A business start-up requires real mental strength, determination and positivity. Don’t overlook either your mental or physical health. Normal routines can go out of the window, especially in a 24/7 industry such as home care, but it’s important to give yourself time away from the business, to clear your head and avoid neglecting other priorities in your life. Right at Home’s business support team will not only offer practical guidance; they’re also there to listen and provide emotional support as needed. A new mental well-being programme, launched this Autumn, will ensure all franchisees and their employees can also access a range of professional support services.
- Use your support network One immediate benefit of running your own business is having the freedom to make your own decisions; however, when the decisions are stacking up and you’re in unknown territory, this can feel quite daunting. Talking to others will help you to build confidence and make more informed decisions. At Right at Home we know our franchise owners place huge value on speaking to other owners, as well as our team of Business Support Managers, so they can share best practice from within the network.
- Don’t forget your motivation Business ownership can be the gateway to realise your career and lifestyle aspirations. Yes, there will be tough days – tough weeks, tough months even! But an engaged franchise network will help you to focus on your goals, set realistic targets and remember all the reasons why you were attracted to building your own business.
We recommend you talk through the decision to start a new business with the people who know you best, so that you approach your new business from a position of pragmatism, rather than idealism.
You can have excellent reasons for wanting to start a business, but your best chance of success will come from being thoroughly prepared and having realistic expectations of the road that lies ahead.
